Gold Prices Plummet to Two-Week Low Amid Rate-Hike Expectations
Gold prices in the US dropped to a two-week low on September 8, 2026, as Federal Reserve Chair Kevin Warsh's hawkish remarks at Jackson Hole reignited rate-hike expectations. The Comex spot gold price settled at $4,377.84 per troy ounce, down $71.23 from Friday's close.
The decline extended a selloff that began last Friday when Warsh signaled the central bank's tightening cycle was not finished. For US buyers and investors, the day's rates by purity grade were: 24K, 999 Fine at $140.75 per gram, 22K, 916 KDM at $129.02 per gram, and 18K, 750 Fine at $105.56 per gram.
Fed funds futures now reflect a 66% probability of a 25-basis-point rate increase at the September 16 FOMC meeting, up sharply from below 40% a week earlier. The US dollar index climbed to 99.59 on Monday, amplifying the pressure on gold, which is priced in greenbacks and typically moves inversely with the currency.